Park University MG260 Midterm Exam

contrast and compare napster and itune in regards to markets, opportunities and exploitation, technological advances, consumer behavior, globalization
March 12, 2020
MICROECONOMICS and MACROECONOMICS
March 12, 2020

Park University MG260 Midterm Exam

Question 1 4 pts

Strict liability is liability regardless of fault.

True

False

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Question 2 4 pts

Implied contracts are not created by conduct.

True

False

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Question 3 4 pts

Consideration is necessary for a charitable subscription to be binding.

True

False

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Question 4 4 pts

Bidding at an auction is usually not considered to be an offer.

True

False

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Question 5 4 pts

Encouraging free competition to promote economic growth is a function of the law.

True

False

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Question 6 4 pts

Under UCC section 2-205, firm offers are only made by merchants and do not require consideration.

True

False

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Question 7 4 pts

A poster advertising a reward for capturing a criminal constitutes an offer.

True

False

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Question 8 4 pts

Generally, offers to sell something at a certain price are revocable at any time.

True

False

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Question 9 4 pts

Settlement and arbitration are examples of ADR.

True

False

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Question 10 4 pts

The same act can result in both criminal and civil liability.

True

False

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Question 11 4 pts

Variations of the Golden Rule appear in all world cultures.

True

False

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Question 12 4 pts

According to the principle of federal supremacy and the U.S. Constitution, federal law always defeats conflicting state law.

True

False

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Question 13 4 pts

Only duress can make a contract voidable.

True

False

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Question 14 4 pts

An option contract can be created without consideration.

True

False

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Question 15 4 pts

Death of a party before acceptance terminates the offer.

True

False

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Question 16 4 pts

Under the mailbox rule, acceptance is not effective until it is received.

True

False

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Question 17 4 pts

Kant’s categorical imperative is an example of a justice theory of ethics.

True

False

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Question 18 4 pts

An intoxicated person can get out of a contract made while intoxicated regardless of whether the other person knew that he/she was drunk.

True

False

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Question 19 4 pts

Appellate courts hear issues of law.

True

False

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Question 20 4 pts

The burden of proof in a civil trial is beyond a reasonable doubt.

True

False

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Question 21 4 pts

Using enumerated powers, the courts can find acts by the legislative and executive branches unconstitutional.

True

False

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Question 22 4 pts

An ad in the classifieds stating “British shorthair kitten for sale, $800” is not an example of an offer.

True

False

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Question 23 4 pts

In order to prove a negligence claim, the plaintiff must prove: duty, a breach of that duty, causation, and injury to the plaintiff.

True

False

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Question 24 6 pts

A contract where one or more of the parties has the right to cancel the contract is called:

an option contract

an offer

a voidable contract

a void contract

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Question 25 6 pts

According to the mirror image rule,

Silence is acceptance.

A counteroffer is not acceptance.

Acceptance can only be in writing.

Acceptance is valid only if written backwards so you can see it in a mirror.

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Question 26 6 pts

Sean is an invitee on his aunt Allison’s beachfront property. Allison owes Sean:

Only to warn him of dangerous on-premises conditions that he is not likely to discover.

A duty to exercise reasonable care to protect him against dangerous on-premises conditions that Allison knows about or reasonably should know about.

Only not to willfully and wantonly injure him on the property.

None of the above.

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Question 27 6 pts

Which of the following is NOT a defense to negligence?

res ipsa loquitor

assumption of the risk

contributory negligence

comparative fault

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Question 28 6 pts

Our common law came to America from which group of European settlers?

German

English

Chinese

French

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Question 29 6 pts

Posh Pepper, a rap musician, is dangled by his ankles four stories high until he agrees to share his copyright royalties with rap musician Patricia Paprika. This contract is an example of ___________?

Unilateral mistake

Duress

Misrepresentation

Undue influence

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Question 30 6 pts

Damages awarded to reimburse an injured plaintiff for lost wages and medical expenses are called ________.

Punitive

Exculpatory

Compensatory

Executory

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Question 31 6 pts

George is selling his house. He received an offer from Katie for $200,000 but decided to counter-offer for $210,000. What does that do to the original offer?

Katie is still bound by her original offer of $200,000.

George is bound by the original offer of $200,000.

Katie will pay $210,000.

Neither George nor Katie are bound by the original offer of $200,000.

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Question 32 6 pts

The _____________ answers the complaint.

Plaintiff

Defendant

Appellant

Offeror

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Question 33 6 pts

Which one is a function of the law?

Peacekeeping

Promoting social justice

Protecting the environment

All of the above

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Question 34 6 pts

Criminal law is based on _______.

Statutory law

Contract law

Civil law

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Question 35 6 pts

An example of an intentional tort would be _________.

False imprisonment

Negligence

Strict Liability

All of the above

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Question 36 6 pts

What is the issue in Sumerel v. Goodyear Tire & Rubber Company on p 413-414 of the text? (Refer to p 22-23 for help in finding the issue.)

Whether there was adequate consideration.

Whether the parties had the capacity to contract.

Whether the emails constituted an offer.

Who is the plaintiff?

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Question 37 6 pts

When briefing a case, the question the court had to decide is known as the

issue

answer

procedural history

brief

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Question 38 6 pts

A minor can rescind most contracts. This right to rescind is referred to as _________________?

Right of Emancipation

Right to Disaffirm

Right to Ratify

Capacity to contract

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Question 39 6 pts Skip to question text.

Juliet, age 14, purchased 5 chickens from Bob at a price of $30 per chicken for a 4-H project. She later decided she didn’t want to do the project. She told Bob that she wasn’t going to pay him although he had delivered the chickens. Also, one chicken died, so she only had 4 chickens. Which of the following is true?

Juliet is still liable to Bob for $150.

Juliet must return the 4 remaining chickens to Bob.

Bob is liable to Juliet for $30.

Juliet must return the 4 remaining chickens and pay Bob $30 for the chicken that died.

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Question 40 6 pts

In a __________ contract, a promise is made by only one party to the contract.

Bilateral

Unilateral

Voidable

Express

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Question 41 6 pts

A contract to steal gold from Fort Knox would be _____?

void

voidable

valid

executed